MJ Flood chiefs share €1.26m in pay
The two members of the Power family who have presided over the expansion of the MJ Flood office technology business shared a pay pot of €1.26m in 2016, new figures show.
John Power and Michael Power Jnr saw pre-tax profits at MJ Flood Group Ltd slump 18pc to €6.8m in 2016.
The drop in profit followed revenues for 2016 dipping by 3pc, going from €86m to €82.63m.
However, the drop in profit in wholly attributable to a €1.4m profit from the sale of discontinued operations in 2015 that did not re-occur in 2016.
Operating profits of €7m in 2016 were only marginally down on the €7.1m in operating profits in 2015.
The profit in 2016 takes account of hefty non-cash depreciation of €4.5m.
The business also recorded a loss of €6.9m on the disposal of tangible assets.
According to the directors' report, "sales for 2017 are expected to exceed prior year levels and the directors expect profit before tax to be marginally better than recorded for 2016".
The directors state that in relation to 2016, they are satisfied with the results for the year.
The focus for 2017 was on continued development of sales and delivering long-term, sustainable, profitable growth.
The aggregate pay to John Power and Michael Power Jnr increased by 14.5pc in 2016 going from €1.1m to €1.26m.
In 2016, the company paid dividends of €395,388 to its shareholders and this followed a dividend payout of €300,000 in 2015.
The directors state that the company delivered a strong performance in 2016 with improving margins.
Accumulated profits at the end of 2016 stood at €44.9m while the business's cash pile increased from €10.45m to €12m.
Numbers employed at MJ Flood in 2016 decreased from 245 to 241 with staff costs reducing from €15.79m to €15.3m.
The directors state that the company is the leading supplier of office equipment in the Irish market providing a number of services that include information and communications technology (ICT) solutions and supporting services.
The principle activity of the business's UK subsidiary relates to office furniture and interiors fit-out; business relocations and records management.
In 2016, revenues in Ireland increased from €56.5m to €60.5m while sales in the rest of Europe declined from €29.44m to €21.9m.